A new luxury residential tower is under construction in Manhattan’s Murray Hill neighborhood, where a six-story Hertz parking garage used to be.
More than one year after filing for full demolition permits for the former garage at 225 East 39th St.—which has an alternate address of 222 East 40th St., according to PropertyShark—, real estate development company Fisher Brothers broke ground on the 36-story rental tower.
Last year Commercial Real Estate Direct reported that Northwestern Mutual Life Insurance Co. had provided $186 million in permanent financing for the apartment building, with the developer expected to spend another $115 million to complete the project.
Designed by Handel Architects to achieve LEED certification, 225 East 39th St. will measure nearly 375,000 square feet and will feature 372 rental apartments, including 75 affordable units set aside for New Yorkers earning 60 percent of the Area Median Income (which translates into an annual income of $35,280 for a single applicant or $50,340 for a family of four, as reported by DNAInfo.com New York).
The rental tower is scheduled for completion by summer 2017, the developer announced. It will offer a list of high-end amenities such as swimming pool, fitness center and yoga studio, library, residents’ lounge areas, children’s playroom, and rooftop terrace. At least 72 parking spaces and 186 bike spaces are included in the project.
According to project details listed on the developer’s website, Fisher Brothers’ former subsidiary Plaza Construction serves as general contractor for the luxury high-rise.
Rendering courtesy of the Fisher Brothers